Trump to sign $1.5tn tax overhaul package
US president Donald Trump said he is preparing to sign into law a $1.5tn (€1.35tn) tax overhaul package.
The move provides generous cuts for corporations and the wealthiest Americans and smaller ones for the middle class and low-income families.
Mr Trump tweeted that he will sign the law in the Oval Office before jetting off to his Florida estate for Christmas.
Will be signing the biggest ever Tax Cut and Reform Bill in 30 minutes in Oval Office. Will also be signing a much needed 4 billion dollar missile defense bill.
— Donald J. Trump (@realDonaldTrump) December 22, 2017
95% of Americans will pay less or, at worst, the same amount of taxes (mostly far less). The Dems only want to raise your taxes!
— Donald J. Trump (@realDonaldTrump) December 22, 2017
It is the first major overhaul of US tax laws since 1986, but far from the largest tax cuts in American history, as the president claims.
Politically, it marks the Republicans’ first major legislative accomplishment of the Trump presidency.
Some estimates show that the cuts could actually add to the nation’s soaring deficit.
